September Technical Analysis – DRN

As mentioned here, I decided to put my September technical analysis of DRN on hold for a week. You never know what you’re going to get from a day of Fed meetings, let alone 2!

First, let’s revisit my August technical analysis for DRN:

DRN sits $30/share below its price at July’s option expiration date (almost 40%). The August downtrend is pretty steep, so I would expect some moderation over the next few weeks as DRN tests the near term high around $55/share and a near term low around $36.

Now, take a look at the chart I planned to use last weekend.

From a simple moving average perspective, DRN was back above the 20 day, but still below the 50 and 200 day. DRN didn’t test the August low. Instead, the ETF continued to test the $55/share mark.